Coinbase NFT Beta Goes Live With No Transaction Fees

NFT is now available to Coinbase users

Coinbase NFT, which is based on the Ethereum network, already has a number of NFT collections available, including Cool Cats and Doodles, both of which have a floor price of 19.99 ETH (61.2k) and 10 ETH (30.6k), respectively.

Because this is a beta, Coinbase has announced that they will not be charging transaction fees for a short time, but when they do, they will be in line with industry norms. 

"We're beginning with a select group of beta testers who'll be invited depending on their place on our waitlist," the release said. We'll begin at the top of the queue and gradually provide access to additional folks. Beta testers will be able to establish a Coinbase NFT profile and use any self-custody wallet to purchase and sell NFTs, whether it's Coinbase Wallet or something else."

Coinbase will also work to establish a strong NFT community on the platform itself, enabling users to remark on collections and starting a dialogue where artists and collectors can connect.

Drops, minting, token-gated communities, and the ability to purchase NFTs using a Coinbase account or a credit card will all be added to Coinbase NFT in the future. In the future, the marketplace will include support for additional blockchains, decentralizing the whole platform.

Not on the Charts, but on the Cards is Coinbase.

While the news is a significant step forward for the cryptocurrency exchange, the price of its token has not reflected this. Intraday pricing saw Coinbase trading at $147 at the time of writing, down 4.47 percent from its starting price of $154.

While there is still time until the market closes and if the story gains traction, prices may recover and even record gains, for the time being, Coinbase NFT has failed to impress stock market investors.